Lumina Company was organized on April 1, 2022. The company prepares quarterly financial statements. The adjusted trial
Question:
Lumina Company was organized on April 1, 2022. The company prepares quarterly financial statements. The adjusted trial balance at June 30 is shown here.
a. Determine the net income for the quarter April 1 to June 30.
b. Determine the total assets and total liabilities at June 30, 2022, for Lumina Company.
c. Determine the amount that appears for Retained Earnings at June 30, 2022.
Debit Credit $ 5,360 Accumulated Depreciation- Equipment Notes Payable Cash $ 700 Accounts 480 4,000 Receivable Accounts Payable Prepaid Rent 720 790 Supplies 920 Salaries and 300 Wages Payable Interest Payable Equipment 12,000 40 Dividends 500 Unearned Rent 400 Revenue Salaries and 7,400 Common Stock 11,200 Wages Expense Rent Expense 1,200 Service Revenue 11,360 Depreciation Expense 700 Rent Revenue 1,100 Supplies Expense 160 $29,890 Utilities 410 Expense Interest 40 Еxpense $29,890
Step by Step Answer:
a The net income is determined by adding revenues and subtracting expenses The net income is compute...View the full answer
Financial Accounting
ISBN: 9781119594598
11th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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